12/29/2009

America’s debt, deficits, and unfunded liabilities are now so large, that they can never be met by ANY combination of growth and taxes, which leaves America with only two choices…

Default on the debt, or devalue the dollar.

And for central bankers, the choice is obvious - devalue the dollar.

So posts Slider on the Black in a very literate posting this morning. We are on a bender spending money we don't have and just "putting it on the plastic." The World ain't going to go along with it any more as we see India, China, Brazil (?) and more than a few Europeans moving to gold and other hard assets. The calls for another world reserve currency are real.